Buying a home that is in less than perfect condition can be a challenge. Unless you have a large amount of money to put down on the home, you are at the mercy of what lenders require. Typically, this means that you’ll need to find a home that doesn’t need a lot of work.
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What if you have your heart set on that home though? You can use FHA 203K financing. If you are lucky enough, you can get away with the FHA 203K streamline loan, which has more … [Read more...]

It can cost thousands of dollars to close on a home purchase, but there are many expenses we encourage you not to skip. The home inspection is one of those costs. Even though according to HUD, an inspection may cost you as much as $500, depending on where you live, it’s an important process that you shouldn’t skip.
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Don’t get us wrong, not everyone in the United States pays $500 for a home inspection. In some areas, you may see the costs as low … [Read more...]

The FHA streamline loan is for current FHA borrowers. It’s a great way to lower your payment or change your loan’s term. The program requires very little verification because the FHA allows lenders to use the original qualifying information from the original FHA loan.
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Who does this loan program benefit though? Keep reading to find out.
Borrowers With Lower Credit Scores
Is your credit score lower today than it was when you bought your home with FHA … [Read more...]

Do FHA mortgage insurance premiums confuse you? How do you know what you have to pay when? And what are the rates for this year?
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Keep reading to get a breakdown of the FHA 2018 mortgage insurance premium amounts as well as when you pay them.
The Upfront Mortgage Insurance Premium
The first mortgage insurance premium you pay when you take out a new FHA loan is the upfront mortgage insurance premium. The name ‘upfront’ gives you the inclination … [Read more...]

If you look at your house as an investment, you probably want it to build equity fast. If you think about it, your home is like a forced savings account. You have to make your payments each month in order to avoid foreclosure. A portion of that payment will cover the principal, which reduces how much you owe on the home. As your home appreciates and you continue to pay more money towards the mortgage, your investment grows. You don’t have to worry about transferring money to a savings account or … [Read more...]

If you have an FHA loan now, you may have the option to use the streamline refinance program. With this program, you can refinance your current loan without verifying your credit score, income, assets, or home value. You can refinance with proof that you made your mortgage payments on time and that you benefit from the refinance.
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It sounds great – but how do you find the right FHA lender? Do you have to use your current lender?
You are free to use … [Read more...]

The FHA requires that FHA borrowers certify that they will occupy the property bought with FHA financing as their primary residence. The FHA doesn’t offer loans for investors or even on second homes. It’s a program strictly to help those that need a low down payment and flexible underwriting program to buy a primary home.
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But just how long do you have to live in the home when you have an FHA loan?
The FHA requires that you occupy the home within 60 … [Read more...]

You took an FHA loan because of the low down payment requirements and/or the flexible underwriting requirements. Now you are toying with the idea of refinancing. When does it make sense to do so?
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The answer is that it depends on your situation. Are you in the home for the loan term? You may want to consider refinancing into a conventional loan, but you’ll have to time it correctly. If you aren’t staying in the home for the long-term, or you … [Read more...]

The FHA streamline refinance makes it easy for current FHA loan holders to refinance their loan. All you have to do is provide proof that you can make your current mortgage payments on time and that you benefit from the refinance. If you pass these two tests, you can usually refinance your FHA loan with little documentation.
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Before you jump headfirst at the first opportunity to lower your interest rate, though, you should know that you have to wait at … [Read more...]

Do you worry that refinancing might cost you too much money to do? Maybe you worry about the paperwork or what the lender will ask of you.
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We have good news for you if you have an FHA loan. You may be able to refinance with the FHA streamline refinance. Just what is this program and is it right for you? Keep reading to find out.
The FHA Streamline Refinance Defined
First, let’s look at how the FHA refinance works. While it is a refinance, it’s very … [Read more...]

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit
rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.